According to the EIA, U.S. crude oil production averaged 12.4 million barrels per day (b/d) last week, up by 100,000 b/d from the previous week and up by about 1.6 million b/d year on year.
The U.S. crude oil production has seen an increase for the third consecutive week. In its latest Short-Term Energy Outlook (STEO), the EIA forecast that crude oil production in the Organization of the Petroleum Exporting Countries (OPEC) will average 30.3 million b/d in 2019 and 29.8 million b/d in 2020, compared with an average of 32 million b/d in 2018.
The EIA also forecast Brent spot prices will average 70 U.S. dollars per barrel in 2019 and 67 dollars per barrel in 2020, both about 5 dollars higher than in the previous month's STEO, compared with an average of 71 dollars per barrel in 2018.
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